DEN Networks plummets 15% as firm reports another quarter of losses

NEW DELHI: Shares of DEN Networks plunged over 15 per cent in Tuesday’s trade after the company reported a net loss of Rs 60.55 crore for the March quarter.

The broadcasting and cable TV service provider had reported consolidated net loss of Rs 210.30 crore in the corresponding quarter last year. The numbers were poor even as the company’s total expenses declined 10.35 per cent YoY to Rs 344.21 crore.

Following the results announcement, the stock plummeted 15.45 per cent to hit a low of Rs 82.35 on BSE.

The company said its total income from operations rose 18.74 per cent YoY to Rs 328.69 crore for the fourth quarter, compared with Rs 276.81 crore in the year-ago quarter.

Cable TV distribution network clocked a revenue of Rs 295.32 crore, broadband business reported sales of revenue of Rs 21.84 crore, the company said.

Den Network's stock closed at Rs 90.50, down 7.08 per cent on Tuesday.